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To boost the exports sector, the Centre on Wednesday approved the continuation of the National Export Insurance Account scheme with infusion of Rs 1,650 crore grant-in-aid over 5 years.

Capital infusion in NEIA Trust will help tap the huge potential of project exports in focus market.

"Government has today approved... contribution of 'Grant-in-aid' (corpus) of Rs 1,650 crore to NEIA over a period of five years, i.e. from FY 2021-2022 to FY 2025-2026," an official comminuque said.

The NEIA Trust was established in 2006 to promote project exports from India that are of strategic and national importance. The trust promotes medium and long term (MLT) project exports.

"The capital infusion in NEIA Trust will help the 'Indian Project Exporters' (IPE) to tap the huge potential of project exports in focus market. Support to project exports with Indian content sourced from across the country will enhance the manufacturing in India."

"Corpus contribution of Rs 1,650 crore will enhance the underwriting capacity of the Trust and will enable the NEIA to support project exports worth Rs 33,000 crore at full capacity utilisation that, in turn, will translate into an estimated output of domestically manufactured goods to the tune of Rs 25,000 crore approximately."